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The Saudi Ministry of Industry and Mineral Resources said the mining investment system and its executive regulations establish 6 types of mining licenses.
The permits include a “recognition permit which includes all types of metals for a period of two years which can be extended, a detection permit for all types of metals for a period of five years for metals of categories A and B,” and one year for metals of category C, while it is allowed to renew exploration permits for metals A and B, and the general use permit that is associated with a mining permit or a small minor.
“Exploitation” permits include a mining permit for minerals of classes A and B, the duration of which does not exceed 30 years, renewable or extendable, a small mine permit for minerals of classes A and B , the duration of which does not exceed 20 years. , and a quarrying permit for building materials for class C minerals, with a term of up to 10 years, extendable.
The ministry said the executive regulations of the mining investment system ensure governance of the sector, improve transparency and increase investor confidence in it, in addition to achieving the elements of sustainability of the sector on a mining permit.
The ministry said that the mining investment system with its executive regulations contributes to the development of the mining sector in the Kingdom and the exploration of investment opportunities in it, to become the third pillar of the Saudi industry, and a qualitative source of income in the national economy. will also contribute to the development of non-oil revenues, in addition to maximizing the value obtained from mineral resources.The Kingdom’s natural resources, through the optimal exploitation of mineral resources to achieve the attractiveness of the sector for investments.
The system defines the requirements and obligations of mining licenses which cover all investment activities in the minerals sector, including exploration, reconnaissance and mining.
The development of local communities is a priority in the regulation of execution of the mining investment system, which obliges applicants for mining permits to submit a social impact study in their projects showing the contribution to the development of areas adjacent to mining projects. , such as: the employment of the inhabitants of these areas in mining projects, the increase in the percentage of purchases on the local market, the development of plans for effective communication near the project.
The “Ta’aen” platform is one of the initiatives aimed at developing and improving the level of performance of companies in the mining sector, providing all the services of the sector through digital channels, with the aim of facilitating the investor journey and increase beneficiary satisfaction, as the platform provides numerous services to investors in the mining sector, which helps to reduce the number of procedures per procedure and reduce the time and effort required for each procedure .
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